A college and residence of the Sisters of Mercy Order which was the subject of a collapsed 5.25m sale deal in 2007 has been put on the market once again with a drastically reduced asking price.
With the collapse in property prices in recent years, Ardagh Demense in Co. Longford is now being offered with a 1.3m asking price, a 3.9m drop in just five years.
Acquired by the Mercy order in 1927, the 241 acre demense originally operated as a home economics school under the aegis of the Department of Agriculture.
The physical structure – including four reception rooms, a chapel and a ballroom on the first floor – grew over time from its original site with 16 bedrooms to include a second building with its own kitchen, dining room and gymnasium.
Speculation
The main building area and basement, measured at 12,500 square feet, prompted speculation in 2007 that any purchaser would look to convert the site into a hotel just 10km from Longford town.
Originally offered with a 4.5m asking price at that time, Ardagh Demense was the subject of competitive bidding until a final price of 5.25m was reached.
However, before the deal could be finalised, Irelands markets crashed and the final bidder pulled out.
Now the sisters will attempt to attract new bidders for the site when the auction for Ardgah Demense takes place this May 25.